How to manage Money while you are studying in the UK

Bringing Cash to the UK

When I came to the UK the cash I brought was very useful during the first few days. For example, on the firs day I wanted to buy a phone card and a sandwich. Since I had cash, I didn't have to go to the bank to change my travelers cheques. By the way one of the first things you should do once you get here  is to buy an international phone card (cost about £5) to call home and let them know that you are OK (well even if you are not OK :)).

Bank account

This is very important as this is where you will deposit your money, specially later on when you are getting paid from your part time work.  Best thing is to try and open a student account. 

Why a student account ?

Usually they offer a very good deal, like a low interest rate and  a nice overdraft with 0% interest for a long period. The best student account for this year (2007) is from Halifax Bank of Scotland. In my case it was incredibly difficult to get a student account. I had to provide bank statements for my accounts back home.
If you have an account with the same bank(for example HSBC) in your country it helps, this might encourage them to give you  a student account. Even bringing bank statements from your country and a letter from the bank manager saying how good your account was, would really help you to get the new account.

Travelers cheques (TC) 

This is the safest way to take large amounts of money. Only issue is it involves a commission when taking the Travelers cheques and again when cashing them.

Working in the UK as a Student

Unless you have a lot of money you will have to start working part time at some point.  It's very important to balance this with your studies. Just remember your main purpose here is to study !.

Student employment office at the University
This is the first place you should look for part time work. They are usually quite friendly and helpful. To start with you have to take what ever they give you. Once you have proven yourself with hard work they will be quite happy to give you better jobs. The easiest job I've ever done was envelop stuffing, this is simply putting letter in envelops and sealing them !. I had great fun with working at the GYM too.  Once you get settled and get used to the new environment,  there are lots of ways to earn money. I will write about them as and when I get time.

National Insurance Number

This is one of the most important things to get as soon as possible. Without this many people will not employ you even on a part time job.  You need to take you identification document to the job centre to apply and get this number. 

The identification document you should take with you to the interview are your

You will then be sent your National Insurance number by post after the interview (usually after about  4 to 6 weeks) However, you can work, and your employer can deduct contributions, during this period using a temporary National Insurance number. The number will look like XY123456Z.

Temporary National Insurance number

If your employer asks for your National Insurance number, you should tell them to use a temporary one (whilst you are waiting to be issued with your National Insurance number), made up in the following way:
TN=Temporary Number
Date of Birth=DD/MM/YY
M or F=Male/Female
So, if you are a male born on 9th January 2007, your temporary number would be TN090107M.

Shopping

Once you arrive here you need to do some basic shopping, like finding the shops etc..
If you book University accommodation you can ask for pillows and quilts, but they will charge you a lot for that (£50-60 or maybe even more !).  The cheapest option it to get directions and visit your nearest Wilkinson store and get some cheap pillows, quilts etc...be careful about the chocolate though, it's very tempting ! . Even your local pound shop would be a good place to visit. TESCO(not Tesco express shops) is another  great place for cheap shopping but make sure you stick to the TESCO value range (this is the cheapest available, the quality is not too bad). Another advantage is TESCO is open till late (like 10 PM !). The local market is much cheaper than anywhere else for vegetables, meat etc... It may surprise you but in the UK most shops  close at 5:00 PM !. If you have really missed the shopping times, you can still visit a 24 hour Gas station (Petrol station) where they have small shops. So if you are used to late night shopping you will be in for a major disappointment.  What ever you do if you are on a tight budget, keep away from expensive shops like Marks & Spencer. It's important to stick to a budget and make your life comfortable at the same time. Beer is quite cheap at the University bar. Make many friends, get invited to parties and enjoy. First few days are the most difficult but the most enjoyable ! so make the most of it !